Common use of General negative pledge Clause in Contracts

General negative pledge. Neither the Borrower nor any of the Upstream Guarantors shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets except for: (a) those granted or expressed to be granted by any of the Security Documents; (b) Permitted Security Interests; and (c) (except in relation to Collateral) any lien arising by operation of law in the ordinary course of trading and not as a result of any default or omission by any Obligor.